President Goodluck Jonathan has directed the Federal Ministry of Industry, Trade and Investment to work with the Central Bank of Nigeria and other relevant ministries towards improving and increasing the production of local goods so as to substitute unnecessary imports into the country.
The President made this statement in Abuja at the Presidential Dinner for Top 100 Businesses in Nigeria held at the Banquet Hall of the State House.
He said “We can no longer continue to export raw materials. We must produce what we consume and consume what we produce. We must diversify our economy, even though we know no one nation is an island.
“In pursuit of this noble objective, I have directed the Federal Ministry of Industry, Trade and Investment to work with the Central Bank of Nigeria in the execution of a comprehensive investment and trade agenda to create local production to substitute unnecessary imports with our local goods.
“This is to ensure that our country becomes self-reliant and to cut down on imports which drain foreign exchange. This is a game changer because it will re-position us globally and rapidly boost our foreign reserves.
“The Ministry of Industry, Trade and Investment and the CBN are already working with the Ministry of Petroleum Resources to cut down import of petroleum products.
“They are also working with the Ministry of Agriculture to cut down import of food products, and with the Ministry of Mines and Steel to cut down imports of metal related products.
“This will be one of our boldest initiatives to finally make our country self-sufficient.
“I’m confident that if we are able to produce in Nigeria most of what we consume today, the bulk of investments required to make this happen will surely come from the top 100 companies.”
The President also commended the top 100 Companies describing them as the central component of the nation’s economy.